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Question - On January 1, 2015, McDaniel Company issued a 5-year $1,000,000 bond with stated interest rate of 10%. Interests were payable semi-annually on July 1 and January 1. The market interest rate was 8%. McDaniel paid $10,000 issue costs, and amortizes any bond discount/premium using the effective interest method and bond issue costs using the straight-line method.
1. Prepare journal entries on 1/1/2015 for McDaniel
2. Prepare journal entries on 12/31/2015 for McDaniel.
3. After paying interests due on 1/1/2016, McDaniel recalled 100% of the bond at 102. Recall expenses totaled $2,000. Prepare journal entries for the interest payment and retirement of the bond for McDaniel.
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Journalize all entries for Synergy Bank related to the note for 2012 and 2013 - How much in total would Kelsing pay the bank if she pays off the note early on April 30, 2013?
Prepare a CVP analysis listing the cost and sales projections for the proposal. The owner must propose to the school's administration a charge per child.
Homeville Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
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